Symetra Separate Account SL
04/29/2024 | Press release | Distributed by Public on 04/29/2024 12:21
Notice Document by Insurance Company - Form N-VP
Document
Notice Document
Dated: May 1, 2024
Premier Accumulation Life®
Issued By: Symetra Life Insurance Company
The prospectus for Premier Accumulation Life contains more information about the policy, including its features, benefits, and risks. You can find the prospectus and other information about Premier Accumulation Life online at www.symetra.com/regulatoryreports. You can also obtain this information at no cost by calling 1-800-796-3872 or by sending an email request to [email protected].
Additional general information about certain investment products, including variable life insurance policies has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
ThePremier Accumulation Life Prospectus and Statement of Additional Information dated May 1, 2007, as supplemented, are incorporated herein by reference.
| UPDATED INFORMATION ABOUT YOUR POLICY |
The information in this Notice Document is a summary of certain policy features that have changed since the Notice Document dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Premier Accumulation Life policy.
Please note the following portfolio changes:
•Effective on or about April 26, 2024, Lincoln Financial adopted certain American Century Variable Portfolios. As a result, the following American Century Portfolios have changed their names as noted below.
| Old Name | New Name |
| American Century VP Balanced Class I | LVIP American Century Balanced Fund Standard Class II |
| American Century VP Inflation Protection Fund Class II | LVIP American Century Inflation Protection Fund Service Class |
| American Century VP International Fund Class I | LVIP American Century International Fund Standard Class II |
| American Century VP Large Company Value Fund Class II | LVIP American Century Large Company Value Fund Service Class |
| American Century VP Ultra® Fund Class I | LVIP American Century Ultra Fund Standard Class II |
| American Century VP Ultra® Fund Class II | LVIP American Century Ultra Fund Service Class |
| American Century VP Value Fund Class I | LVIP American Century Value Fund Standard Class II |
| KEY INFORMATION |
Important information you should consider about the policy. For more information, see the Premier Accumulation Life Prospectus dated May 1, 2007, as supplemented.
| FEES AND EXPENSES | |
| Charges for Early Withdrawals |
The surrender charge period for the policy is no longer applicable.
|
| Transaction Charges |
There are no Transaction Charges associated with the policy.
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| FEES AND EXPENSES | |
| Ongoing Fees and Expenses (annual charges) |
An investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the policy and the cost of optional benefits available under the policy. These fees and expenses are based on characteristics of the insured such as age, risk classification, the policy's duration, the net amount at risk, and if permitted by state law, sex. You should view the policy specifications page of your policy for rates applicable to you.
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You will also bear expenses associated with the portfolio companies made available under the policy. For the fiscal year ended December 31, 2023, the minimum and maximum total operating expenses were as follows:
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| Annual Fee | Minimum | Maximum |
| Portfolio Fees & Expenses | 0.10% | 2.38% |
| RISKS | |
| Risk of Loss |
You may lose money by investing in the policy.
|
| Not a Short-Term Investment |
The policy is not suitable as a short-term savings vehicle and, therefore, may not be the right kind of policy if you plan to withdraw money or surrender the policy for short term needs.
|
| Risks Associated with Investment Options |
Investment in the policy is subject to the risk of poor investment performance of the sub-accounts and can vary depending on the performance of the sub-accounts available under the policy. Each sub-account and the Symetra Fixed Account has its own unique risk. You should review these investment options before making an investment decision.
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| Insurance Company Risks |
Investment in the policy is subject to the risks related to Symetra Life Insurance Company. Any obligations, including obligations related to the Symetra Fixed Account, guarantees and benefits provided for under the policy are backed by our financial strength and claims paying ability. Information about us, including our financial strength ratings, is available upon request by calling 1-800-796-3872, or visiting us at www.symetra.com/regulatoryreports.
|
| Policy Lapse |
You must have sufficient money ("net cash surrender value") in your policy account to cover all policy charges or your policy will lapse. If you don't have enough money in your policy to keep it in force, you will be granted a grace period of 61 days. In that time, if we do not receive sufficient money to keep your policy in force, the policy will lapse. The risk of lapse may increase if you take withdrawals and policy loans. In addition, the risk of lapse is increased if you incur increased charges due to an increase in face amount or higher cost of insurance rates.
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| RESTRICTIONS | |
| Investments |
You may allocate amounts under the policy to 17 sub-accounts and to the Symetra Fixed Account at one time. We reserve the right to add, combine, restrict, or remove any sub-account as an investment option under your policy. We further reserve the right to restrict or remove the Symetra Fixed Account as an investment option available under the policy.
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| RESTRICTIONS | |
| Optional Benefits |
If both the Accelerated Death Benefit Rider for Terminal Illness and Accelerated Benefits Rider are available in your state, the Accelerated Death Benefit Rider for Terminal Illness will be issued to you. The following optional benefits were only available at the time your policy was issued and can not be added later.
•Guaranteed Death Benefit Endorsement
•Extended Maturity Benefit Endorsement
•Twenty Year Level Term Rider
•Waiver of Premium - Primary Insured
•Waiver of Monthly Deduction - Primary Insured
•Accidental Death Benefit
•Insured Children's Term Insurance
•Guaranteed Insurability Option
|
| TAXES | |
| Tax Implications |
You should consult a competent tax professional to determine the tax implications of an investment in the policy.
Withdrawals will be subject to ordinary income tax and may be subject to tax penalties.
Lapse of a policy on which there is an outstanding loan may have adverse tax consequences.
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| CONFLICTS OF INTEREST | |
| Investment Professional Compensation |
Investment professionals who solicited sales of the policies receive a portion of the commission payable to the broker-dealer firm, depending on the agreement between the broker-dealer and the investment professional. We pay commissions as a percentage of premiums invested in the policy. An investment professional may receive different compensation for selling different investment products and may have a financial incentive to offer or recommend the policy over another investment product. |
| Exchanges |
An investment professional may have a financial incentive to offer You a new policy in the place of a policy you already own.
You should not exchange this policy for a new one unless you determine, after comparing the features fees and risks of both policies, that the exchange is preferable for you.
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EDGAR Contract Identifier: C0000003371
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APPENDIX: PORTFOLIOS AVAILABLE UNDER THE POLICY
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The following is a list of portfolios available under the policy. More information about the portfolios is available in the prospectuses for the portfolios, which may be amended from time to time and can be found online at www.symetra.com/regulatoryreports. You can also request this information at no cost by calling 1-800-796-3872 or by sending an email request to [email protected].
The current expense and performance information below reflects fees and expenses of the portfolios, but do not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each portfolio's past performance is not necessarily an indication of future performance.
| TYPE | FUND NAME AND ADVISOR |
CURRENT EXPENSES
(As of 12/31/2023)
|
AVERAGE ANNUAL TOTAL RETURN
(As of 12/31/2023)
|
||
| 1 Year | 5 Year | 10 Year | |||
| Asset Allocation |
LVIP American Century Balanced Fund Standard Class II
American Century Investment Management, Inc.
|
0.77%** | 16.12% | 8.20% | NA |
| Taxable Bond |
LVIP American Century Inflation Protection Fund Service Class
American Century Investment Management, Inc.
|
0.77%** | 3.60% | 2.90% | 2.16% |
| International Equity |
LVIP American Century International Fund Standard Class II
American Century Investment Management, Inc.
|
0.95%** | 12.43% | 8.12% | 3.91% |
| U.S. Equity |
LVIP American Century Large Company Value Fund Service Class
American Century Investment Management, Inc.
|
0.85%** | 3.88% | 10.53% | 7.74% |
| U.S. Equity |
LVIP American Century Ultra Fund Standard Class II (1) (2)
American Century Investment Management, Inc.
|
0.75%** | 43.27% | 19.07% | 14.47% |
| U.S. Equity |
LVIP American Century Ultra Fund Service Class (2)
American Century Investment Management, Inc.
|
0.90%** | 43.51% | 19.24% | 14.64% |
| U.S. Equity |
LVIP American Century Value Fund Standard Class II
American Century Investment Management, Inc.
|
0.71%** | 9.02% | 11.71% | 8.36% |
| U.S. Equity |
BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares (3)
BNY Mellon Investment Advisors, Inc.
|
0.80%** | 18.31% | 10.70% | 7.44% |
| Sector Equity |
BNY Mellon Investment Portfolios Technology Growth Portfolio - Initial Shares
BNY Mellon Investment Advisors, Inc.
|
0.78% | 59.42% | 15.59% | 13.22% |
| U.S. Equity |
BNY Mellon Stock Index Fund, Inc. - Service Shares
BNY Mellon Investment Advisors, Inc.
|
0.52% | 25.60% | 15.09% | 11.47% |
| U.S. Equity |
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares
BNY Mellon Investment Advisors, Inc.
|
0.67% | 23.82% | 15.13% | 10.46% |
| U.S. Equity |
BNY Mellon Variable Investment Fund Appreciation Portfolio - Initial Shares (3)
BNY Mellon Investment Advisors, Inc.
|
0.85% | 20.97% | 16.23% | 11.09% |
| International Equity |
DWS CROCI® International VIP - Class A (4)
DWS Investment Management Americas, Inc.
|
0.84%** | 18.94% | 7.10% | 2.14% |
| Asset Allocation |
DWS Global Income Builder VIP - Class A (4)
DWS Investment Management Americas, Inc.
|
0.65% | 14.89% | 7.11% | 5.19% |
| Taxable Bond |
Federated Hermes High Income Bond Fund II - Primary Shares (3)
Federated Investment Management Company
|
0.81%** | 12.71% | 4.75% | 4.13% |
| Asset Allocation |
Federated Hermes Managed Volatility Fund II - Primary Shares (5)
Federated Global Investment Management Corp. ("Fed Global")Federated Investment Management Company ("FIMCO") and Federated Equity Management Company of Pennsylvania ("FEMCOPA")
|
0.97%** | 8.68% | 6.15% | 4.19% |
| Asset Allocation |
Fidelity® VIP Asset Manager Portfolio - Initial Class (5)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.53% | 12.94% | 7.48% | 5.40% |
| Asset Allocation |
Fidelity® VIP Asset Manager: Growth Portfolio - Initial Class (7)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.64% | 16.37% | 9.69% | 6.57% |
| Asset Allocation |
Fidelity® VIP Balanced Portfolio - Initial Class (7)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.44% | 21.53% | 12.44% | 9.08% |
| U.S. Equity |
Fidelity® VIP ContrafundSM Portfolio - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.56% | 33.45% | 16.65% | 11.61% |
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| TYPE | FUND NAME AND ADVISOR |
CURRENT EXPENSES
(As of 12/31/2023)
|
AVERAGE ANNUAL TOTAL RETURN
(As of 12/31/2023)
|
||
| 1 Year | 5 Year | 10 Year | |||
| U.S. Equity |
Fidelity® VIP Equity-Income Portfolio℠ - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.47% | 10.65% | 12.30% | 8.58% |
| Money Market |
Fidelity® VIP Government Money Market Portfolio - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.27% | 4.89% | 1.72% | 1.11% |
| U.S. Equity |
Fidelity® VIP Growth & Income Portfolio - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.58% | 18.72% | 14.79% | 10.27% |
| U.S. Equity |
Fidelity® VIP Growth Opportunities Portfolio - Initial Class (4)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.59% | 45.65% | 19.09% | 15.73% |
| U.S. Equity |
Fidelity® VIP Growth Portfolio - Initial Class (3)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.58% | 36.24% | 19.64% | 14.80% |
| U.S. Equity |
Fidelity® VIP High Income Portfolio - Initial Class (7)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.77% | 10.48% | 3.87% | 3.40% |
| U.S. Equity |
Fidelity® VIP Index 500 Portfolio - Initial Class (7)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. Geode serves as sub-adviser for the fund. (*)
|
0.10% | 26.19% | 15.56% | 11.92% |
| Taxable Bond |
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class (7)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.38% | 6.20% | 1.97% | 2.33% |
| U.S. Equity |
Fidelity® VIP Mid Cap Portfolio - Service Class 2
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
|
0.82% | 14.80% | 12.17% | 7.85% |
| International Equity |
Fidelity® VIP Overseas Portfolio - Initial Class (7)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK, FMR Japan, FIA and FIA(UK) serve as sub-advisers for the fund. (*)
|
0.73% | 20.55% | 9.99% | 4.91% |
| U.S. Equity |
Franklin DynaTech VIP Fund - Class 2
Franklin Advisers, Inc.
|
0.90%** | 43.77% | 13.76% | 10.37% |
| Asset Allocation |
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc.
|
0.71%** | 8.62% | 6.98% | 5.01% |
| Asset Allocation |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC
|
0.93% | 13.46% | 7.82% | 5.43% |
| U.S. Equity |
Franklin Small Cap Value VIP Fund - Class 2
Franklin Mutual Advisers, LLC
|
0.91%** | 12.75% | 11.06% | 7.04% |
| U.S. Equity |
Franklin Small-Mid Cap Growth VIP Fund - Class 2
Franklin Advisers, Inc.
|
1.08%** | 26.74% | 13.51% | 8.96% |
| Taxable Bond |
Franklin U.S. Government Securities VIP Fund - Class 2
Franklin Advisers, Inc.
|
0.77% | 4.47% | 0.22% | 0.73% |
| U.S. Equity |
Invesco V.I. American Franchise Fund - Series I (2) (3)
Invesco Advisers, Inc.
|
0.86% | 40.93% | 16.16% | 11.70% |
| U.S. Equity |
Invesco V.I. American Franchise Fund - Series II
Invesco Advisers, Inc.
|
1.11% | 40.60% | 15.88% | 11.42% |
| U.S. Equity |
Invesco V.I. Discovery Mid Cap Growth Fund - Series II (2)
Invesco Advisers, Inc.
|
1.12% | 12.85% | 12.47% | 9.52% |
| U.S. Equity |
Invesco V.I. Discovery Mid Cap Growth Fund - Series I (2) (6)
Invesco Advisers, Inc.
|
0.87% | 13.15% | 12.77% | 9.79% |
| International Equity |
Invesco V.I. EQV International Equity Fund - Series II (2)
Invesco Advisers, Inc.
|
1.15% | 18.15% | 8.42% | 4.33% |
| International Equity |
Invesco V.I. EQV International Equity Fund - Series I (2) (6)
Invesco Advisers, Inc.
|
0.90% | 17.86% | 8.15% | 4.07% |
| Sector Equity |
Invesco V.I. Global Real Estate Fund - Series I (3)
Invesco Advisers, Inc. Sub-advised by Invesco Asset Management Limited
|
1.02% | 9.05% | 2.11% | 3.10% |
| Sector Equity |
Invesco V.I. Health Care Fund - Series I (5)
Invesco Advisers, Inc.
|
0.98% | 3.02% | 8.75% | 6.87% |
| U.S. Equity |
LVIP JPMorgan Mid Cap Value Fund - Standard Class
Lincoln Investment Advisors Corporation Sub-advised by J.P. Morgan Investment Management Inc.
|
0.74% | 10.91% | 10.98% | 8.05% |
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| TYPE | FUND NAME AND ADVISOR |
CURRENT EXPENSES
(As of 12/31/2023)
|
AVERAGE ANNUAL TOTAL RETURN
(As of 12/31/2023)
|
||
| 1 Year | 5 Year | 10 Year | |||
| U.S. Equity |
LVIP JPMorgan U.S. Equity Fund - Standard Class (4)
Lincoln Investment Advisors Corporation Sub-advised by J.P. Morgan Investment Management Inc.
|
0.69% | 27.16% | 17.15% | 12.44% |
| Asset Allocation |
PIMCO All Asset Portfolio - Advisor Class
Pacific Investment Management Company LLC
|
2.285%** | 8.02% | 5.90% | 3.93% |
| Commodities |
PIMCO CommodityRealReturn® Strategy Portfolio - Administrative Class
Pacific Investment Management Company LLC
|
1.48%** | (7.85)% | 8.55% | (0.80)% |
| Bond |
Pioneer Bond VCT Portfolio - Class I Shares (5)
Amundi Asset Management US, Inc.
|
0.64% | 6.51% | 1.84% | 2.26% |
| U.S. Equity |
Pioneer Equity Income VCT Portfolio - Class II Shares
Amundi Asset Management US, Inc.
|
1.08% | 6.76% | 9.25% | 8.21% |
| U.S. Equity |
Pioneer Fund VCT Portfolio - Class I Shares (5)
Amundi Asset Management US, Inc.
|
0.80% | 28.54% | 16.93% | 12.26% |
| Taxable Bond |
Pioneer High Yield VCT Portfolio - Class II Shares
Amundi Asset Management US, Inc.
|
1.20%** | 11.44% | 3.86% | 3.06% |
| U.S. Equity |
Pioneer Mid Cap Value VCT Portfolio - Class I Shares (5)
Amundi Asset Management US, Inc.
|
0.80% | 12.16% | 12.74% | 7.64% |
| U.S. Equity |
Pioneer Select Mid Cap Growth VCT Portfolio - Class I Shares (5)
Amundi Asset Management US, Inc.
|
0.92% | 18.13% | 10.66% | 8.77% |
| Taxable Bond |
Pioneer Strategic Income VCT Portfolio - Class II Shares
Amundi Asset Management US, Inc.
|
1.06%** | 7.81% | 2.46% | 2.42% |
| International Equity |
Templeton Developing Markets VIP Fund - Class 2
Templeton Asset Management Ltd. Sub-advised by Franklin Templeton Investment Management Limited
|
1.35%** | 12.62% | 4.22% | 2.32% |
| Taxable Bond |
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc.
|
0.75%** | 2.88% | (2.13)% | (0.66)% |
| International Equity |
Templeton Growth VIP Fund - Class 2
Templeton Global Advisors Limited
|
1.12%** | 21.01% | 6.47% | 3.24% |
| Sector Equity |
Vanguard VIF - Real Estate Index Portfolio
The Vanguard Group, Inc.
|
0.26% | 11.70% | 7.18% | 7.29% |
| International Equity |
Voya Global High Dividend Low Volatility Portfolio - Class S (5)
Voya Investments, LLC
|
0.85%** | 6.43% | 7.89% | 5.90% |
| International Equity |
VY JPMorgan Emerging Markets Equity Portfolio - Class I (7)
Voya Investments, LLC Sub-Advised by J.P. Morgan Investment Management, Inc.
|
1.19%** | 6.81% | 4.75% | 3.84% |
| International Equity |
Wanger Acorn (7)
Columbia Wanger Asset Management, LLC
|
0.95%** | 21.06% | 6.13% | 8.09% |
We do not guarantee that each portfolio will always be available for investment through the policy.
1.Class 1 shares of the portfolio are only available if you have been continuously invested in it since March 15, 2007
2.If Class I/Series I shares are available to a contract Owner, we will allocated investments to the Class I/Series I fund
3.The portfolio is only available if you have been continuously invested in it since April 30, 2006
4.The portfolio is only available if you have been continuously invested in it since April 30, 2003
5.The portfolio is only available if you have been continuously invested in it since April 28, 2005
6.The portfolio is only available if you have been continuously invested in it since March 14, 2006
7.The portfolio is only available if you have been continuously invested in it since April 30, 2000
* Fidelity, the Fidelity Investments Logo, Contrafund and Equity Income are registered service marks of FMR LLC. Used with permission.
** Annual expenses reflect temporary fee reductions.
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